Japanese hedge funds are off to a fast start this year after a dismal 2009, according to a new report.

Hedge funds are rising in the Land of the Rising Sun, adding 2.5% last month, according to early estimates from Eurekahedge. Over the first four months of the year, the average Japanese hedge fund is up 6.7%, their best mark through April in six years.

By contrast, global hedge funds returned an average of 1.2% in April, according to the Eurekahedge Hedge Fund Index. The average fund is up about 4% on the year.

Japanese hedge funds returned only 6.9% last year, when the average hedge fund managed a double-digit gain.

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